Facebook investor leads Korean edtech firm’s $26m round

Class101, a South Korean online education platform, said it has raised 30 billion won (almost US$26 million) in a series B round to expand into global markets.

Photo credit: Class101

Goodwater Capital led the investment round, which included participation from existing backers Strong Ventures, KT Investment, Mirae Asset Capital, and Klim Ventures. Prior to the round, Class101 had already raised a total of US$10.5 million.

Since its launch in March 2018, Class101 has grown to offer more than 2,000 classes in categories such as hobbies, personal finance, and parenting. The startup said it now has over 100,000 creators, 35 million cumulative visitors, and 3 million members on its platform.

Class101 was founded by Ko Ji-yeon, who serves as the company’s CEO and is a graduate of the Ulsan National Institute of Science and Technology.

“We believe [Class101] really has a bright future on the global stage, as it is a company that combines the advantages of Patreon and YouTube, offering tailored support for creators while fulfilling users’ learning needs,” said Eric Kim, managing partner of Goodwater Capital.

US-based Goodwater is a global investor that has backed several tech companies such as Facebook and Spotify. It also counts Korean giants Kakao, Coupang, Viva Republica, and Danggeun Market as portfolio firms.

Currency converted from South Korean won to US Dollar. US$1 = 1,157.22 South Korean won.